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PM expects economy to rebound swiftly post-pandemic

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HCMC – Prime Minister Nguyen Xuan Phuc has asked local authorities nationwide to strictly apply socioeconomic stability measures to help the country’s economy rebound strongly after the coronavirus pandemic.

Speaking at a meeting today, April 10, the prime minister listed these measures as solutions to unemployment, speeding up public investment disbursement, supporting people affected by the pandemic and ensuring social safety and security.

Phuc said Vietnam posted economic growth of 3.82% in the first quarter of 2020, the highest in the Southeast Asian region. However, it is the country’s lowest economic growth rate in 10 years.

The economic downturn is worse than in 2008, forcing the Vietnamese Government to launch a number of stimulus packages, including a monetary package worth VND300 trillion, a fiscal package worth VND180 trillion, a social security package worth VND62 trillion, a VND12 trillion package to reduce electricity tariffs and a VND15 trillion package to reduce telecommunications service prices.

Phuc noted that when the coronavirus pandemic is over remains unknown. “We have to be well prepared in the second, third and fourth quarters of this year to help the economy rebound strongly after the pandemic.”

Ministries, government agencies and local authorities should focus on helping businesses maintain their production, avoid inflation, draw up plans to attract foreign investment once the pandemic is fought off and effectively apply the stimulus packages. The Ministry of Finance is responsible for reporting the application of these packages to the Government.

The prime minister required nearly VND700 trillion in public investment capital to be disbursed this year. Leaders of ministries, departments and localities will be strictly penalized in case of late disbursement.

Phuc also asked the Ministry of Public Security to collaborate with the relevant agencies to ensure social safety and order and prevent price gouging.

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